Millennials are no longer a renter generation

3 October 2015, 8:07 pm

According to a recent article:Homebuying trends in 2015 are undermining the image of the Millennials as a generation of renters.

realtor.com Chief Economist Jonathan Smoke has argued for some time now that Millennials are not different than previous generations in homebuying, delaying homebuying decisions by no more than a year or two beyond the habits of Generation X of Baby.

The news is finally a departure from years of being told Americans prefer renting their homes. Is that attitude finally shifting?

Almost 65% of millennials aged 21 to 34 looked at real estate websites and apps in August, according to realtor.com analysis of data from comScore and current population estimates.

“Additionally, when we focus on 25-34 year olds we find that this group is 70% more likely than the average adult to be currently looking for a home to buy on realtor.com,” Smoke says. “While it is difficult to estimate the effect of millennial buyers in the new home market, one can infer that since prices over the year have trended towards the more affordable, that some of the growth in the new homes market is a result of builders providing more affordable supply.”